Right to Acquire

scottie555

Hi, I’ve been lurking for a while and wondered if anyone can offer any advice on my situation please? 

We are in the process of buying our home through right to acquire. So far our broker has sent the mortgage app off to the lender, and the lender valuation was done yesterday. Our Broker introduced us to Conveyancers a few days ago. 

At which point should we go ahead with a survey and searches? I don’t want to shell out money for these if we are then declined for the mortgage, and we are lucky that we aren’t in the position of being up against other buyers. Should we just go ahead and start arranging the other things or would we be better waiting until we have the mortgage offer? 

Thanks 😊 

simon_or

Definitely wait for the mortgage offer before incurring any further costs.

pipscat

Agree with above - we waited for our mortgage offer to come through before instructing and paying for any searches! 

scottie555

Thanks both for your replies. Waiting was what I felt we should do, but just wanted to double check as this is all very new and I’m second guessing everything at the moment! 😊

eddddy

The only downside of waiting is that the purchase process will take longer - but I guess you're not in a special hurry.

Although, I'm not sure, but I think that there may be time limit for completing the process, once you've accepted their offer - so you don't want to miss that deadline - so maybe ask your HA.

deannagone

I'd also suggest checking out other solicitors (cost/right to acquire experience). The broker is probably paid a fee for the referral, which you will  be paying one way or the other.

Slithery

scottie555 said:
Our Broker introduced us to Conveyancers a few days ago.

Why did you not choose a conveyancer yourself?

scottie555

Slithery said:

scottie555 said:
Our Broker introduced us to Conveyancers a few days ago.

Why did you not choose a conveyancer yourself?

He gave us a quote and I then contacted a couple of local firms for a quote for comparison - they came back very similar so we decided to go with his 

eddddy

scottie555 said:

He gave us a quote and I then contacted a couple of local firms for a quote for comparison - they came back very similar so we decided to go with his 

Just as background info - the broker has probably recommended them, because they pay a referral fee. (Not necessarily because they are good.)

Put another way, maybe £100 or £200 of the fee you pay your conveyancer will not be for legal work, it will be a 'kickback' payment to your broker.


Sometimes these types of conveyancing firms aren't very good - but they get lots of business because they pay the biggest 'kickbacks'.  And they also have a bit of a reputation for quoting a base price, then adding lots of extras, whereas other conveyancers quote an 'all inclusive' price. (e.g. an extra fee for dealing with the mortgage, an extra fee if the property is leasehold, etc)

So maybe double-check these things, and see if the conveyancing company has any online reviews.

Somewhere in your paperwork, it should specify the 'referral fee' paid to your broker.